Recently, the Binance cryptocurrency exchange announced $1 billion fund to push the adoption of Binance Smart Chain as well as the whole blockchain industry.
Binance said that this is the biggest growth fund in the history of crypto. The $1 Billion Growth Fund is categorized into 4 different groups, each aiming at different challenges and goals; Talent Development, Liquidity Incentive Program, Builder & Incubation Program, and Investment Program.
The $100M Talent Development program includes mentoring developer communities, educating new crypto investors, and providing academic scholarships to universities. "We want to raise a generation of crypto-native professionals that will spread across the industry and push blockchain adoption forward." said the company.
Liquidity Incentive Program has also been allocated $100M to run multiple programs to encourage participation from traditional financial markets and crypto. For example, the fund will provide liquidity prizes to the specific protocols based on Innovation, TVL, active users, or trading volumes. Primarily the program will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets.
A total of $300M funds are reserved under the Builder & Incubation Program, out of which $100M will be used to run regional and global hackathons, bug bounty programs, developer conferences, and for supporting existing mainstream development programs. The rest of the $200M will be utilized to expand Most Valuable Builder(MVB) and incubate 100 innovative dApps who will receive assistance from top venture capital and technical support from the BSC core community.
The $500M Investment Program will focus on growing decentralized computing, gaming, metaverse, VR, AI, and financial services. The program will not be limited to BSC but will support all the blockchain infra.
Binance said that Investment Program investment will be targeted on scaling blockchain technology for real-life use cases and will be used to bridge the gap between crypto-blockchain and the technical-financial sectors.
"With a total of $1 billion in available funding, this is the world’s largest crypto accelerator... This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone." wrote Binance.